Foreign payments disclosure order

RESOURCES: Oil and mining groups with listings in the US will be forced to disclose details of their payments to foreign governments…

RESOURCES:Oil and mining groups with listings in the US will be forced to disclose details of their payments to foreign governments after US regulators rejected most of the industry's efforts to water down transparency rules.

The rules, intended to combat corruption and help make rulers of resource-rich nations more accountable to their people, will affect companies such as ExxonMobil, BP and Rio Tinto. They will also oblige manufacturers such as Apple to verify whether so-called conflict minerals that originate in war-torn central Africa are used in their products.

The rules, adopted by the Securities and Exchange Commission, were called for under the Dodd-Frank Act on US financial reform.

Some 1,100 natural resources companies will have to disclose payments to government entities of $100,000 or more. The payments go beyond taxes and royalties to include infrastructure improvements and signature bonuses paid for oil rights.

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Any use of conflict minerals from the Democratic Republic of Congo and nine neighbours will also have to be disclosed to investors.